ASIANPAINT on Daily timeframe looks to be breaking down of the bear flag formation.
As we can see from the chart, we broke down of the bear flag but today (so far) it seems to have held 3150 level.
If the bear flag were to play out, then we should see it losing 3150. Ideally, 3300 level would have been best to short but since I missed to notice the chart, I could not and will not short at these levels unless it shows weakness and loses 3150. Targets on the downside will be 3100 and below that we have 3050 as immediate targets.
Rising Crude price will also impact Paint stocks. Low crude prices benefits Paint companies as it lowers their costs and increases margins.
As we can see from the chart, we broke down of the bear flag but today (so far) it seems to have held 3150 level.
If the bear flag were to play out, then we should see it losing 3150. Ideally, 3300 level would have been best to short but since I missed to notice the chart, I could not and will not short at these levels unless it shows weakness and loses 3150. Targets on the downside will be 3100 and below that we have 3050 as immediate targets.
Rising Crude price will also impact Paint stocks. Low crude prices benefits Paint companies as it lowers their costs and increases margins.
I am just watching this one out with few alerts in place --
Alert @ 3149 level - losing 3150 can short and aim towards 3100 with an SL of 3160
Alert @ 3201 level - going long with SL of 3190, aim towards 3250/3300
No Trades in between
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